Hudson Yards, the massive development under construction on Manhattan’s West Side, has completed the financing of 35 Hudson Yards, the 1.1 million square-foot-tower on the corner of 33rd Street and 11th Avenue scheduled to open in 2019.
The two developers of Hudson Yards, Related Companies and Oxford Properties Group, announced that 35 Hudson Yards was fully capitalized at $2 billion, including $1.2 billion in debt financing led by the Children’s Investment Fund.
“This capitalization further underscores the appeal of Hudson Yards with both global capital and global companies,” said Stephen M. Ross, chairman and founder of Related Companies.
The mixed-use tower will stand 1,000 feet high, making it the tallest residential building in Hudson Yards, with the 137 residences beginning at 500 feet off the ground. The building will also house Equinox’s headquarters, an Equinox fitness club and spa and an Equinox luxury hotel, as well as SoulCycle, retail space on the ground and second floors, and office space.
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Related also cited further progress at Hudson Yards, indicating the following:
• More than 8.5 million square feet of residential, commercial and retail space has been financed and is under construction.
• Sales for the 137 residences at 35 Hudson Yards and 285 residences at 15 Hudson Yards will commence this year.
• Fifty-Five Hudson Yards, home to Boies, Schiller & Flexner; Milbank, Tweed, Hadley & McCloy LLP, and Point72, will open in 2018.
• Thirty Hudson Yards, the commercial office tower that will house KKR; Wells Fargo Securities; Time Warner; HBO; CNN; Warner Bros, and Turner Broadcasting as well as Related and Oxford offices, will open in 2019.
As previously reported, Hudson Yards’ one million-square-foot retail center will open in 2018 with more than 100 shops and restaurants, including New York’s first Neiman Marcus and signature restaurants by chefs Thomas Keller, José Andrés and Costas Spiliadis. Right outside the center will be five-acre public plaza and a huge installation by more than 100 shops and restaurants, including New York’s first Neiman Marcus and signature restaurants by Thomas Heatherwick. Hudson Yards is considered the largest private real estate development in the nation, with 17 million square feet of commercial and residential space.